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Hang Seng Index on a bull run for the second week

macquarie structured warrants 20200914

The second trading week of the year saw investors continuing to focus on glove names such as Top Glove, Supermax, Kossan Rubber and Hartalega. Warrants over stocks made up 79% of total warrants turnover for the week which came in at RM402.9mil, while warrants over the Hang Seng Index (HSI) and iShares China A50 Index (A50CHIN) took up 17% and 2.6% of total turnover, respectively. 

The HSI had a bullish start to the year and continued on its bull run for the second week, rising 2.5% week-on-week (w-o-w) to close at 28,573.86 (+0.3%) on Friday, again closing in the green for 4 out of 5 days in the week.  Put warrant HSI-HDT was the second most active warrant with 98.6mil units traded. This put warrant has an out-of-the-money exercise level of 26,800, resulting in a relatively lower warrant price, allowing investors to gain leveraged exposure to the HSI with lower capital outlay. Meanwhile, the A50CHIN fell 0.6% w-o-w last week after kicking off the previous week with a strong surge, ending the week at HKD21.18. The world continues to watch as the US continues to add Chinese firms and their subsidiaries to a list that bans American investments. On Thursday, the Trump administration added 9 more firms to this list, including Chinese smartphone maker Xiaomi (Wall Street Journal, 14 Jan).

At home, shares of rubber glove makers experienced volatility last week as they rose on Tuesday and fell later in the week, ultimately closing lower w-o-w – Top Glove, Supermax and Kossan shares fell 1.2%, 8.2% and 6.2% w-o-w, respectively. Call warrant TOPGLOV-C84 was the top traded warrant last week with 161.1mil units traded. Do note that this warrant will expire on 29 January 2021, with its last trading date on 26 January 2021. 

PBBANK-C57 managed to edge into the top traded list as well, though investors should note that the issuer is low on inventory for this warrant. Where available, always refer to the live matrix to see a warrant’s fair bid price. Other than that, warrants over tech names such as automotive LED maker D & O Green Technologies and electronics manufacturing services (EMS) company Inari Amertron gained some traction as well.

Top warrants by volume traded:

Warrant nameVolume
IssuerExercise level/priceExpiry date
TOPGLOV-C84161.1CIMB6.0029 Jan 2021
HSI-HDT98.6Macquarie26,80025 Feb 2021
SUPERMX-C1I93.3Kenanga14.0026 Jul 2021
KOSSAN-C760.5Kenanga4.0026 Apr 2021
PBBANK-C5758.8Macquarie19.8816 Jul 2021

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Provided for Malaysian residents information only. This commentary has not been reviewed by the Securities Commission Malaysia. It is not an offer or recommendation to trade and is not research material. Past performance is not indicative of future performance. You should make your own assessment and seek professional advice. The Warrants will not be offered to any US persons.